TMI Blog2021 (5) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... enterprises in other jurisdictions i.e. Singapore etc., the Revenue fails to dispute that even the Transfer Pricing Officer has not drawn any distinction qua the ALP in all the substantive grounds raised herein. We thus hold that the MAP margin of 15.49%, 15.34% and 15.76% deserves to be applied qua the remaining portion of non-USA based international transactions as well. Disallowance u/s 37 - Expenditure on improvements to leasehold premises - revenue or capital expenditure - HELD THAT:- We find no merit in Revenue s stand disallowing assessee s claim in view of (i) CIT vs. Citi Financial Consumer Fin Ltd. [ 2011 (3) TMI 622 - DELHI HIGH COURT] ; (ii) Amway India Enterprises vs. DCIT [ 2008 (11) TMI 432 - ITAT DELHI] and (iiii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Revenue s cross appeals ITA Nos. 992 and 1082/Hyd/2011 along with former s Cross Objection in the latter appeal C.O.no. 53/Hyd/2011 preferred against the CIT(A)-III, Hyderabad order dated 29.3.2011 passed in case no.0052/CIT(A)-III/10-11 involving proceedings u/s 143(3) rws 92CA(3) of the Income Tax Act, 1961; in short the Act . This is followed by the former s appeal ITA 1911/Hyd/2011 directed against the very lower appellate order imposing sec.271(1)(c ) penalty of ₹ 2,65,97,751/- by invoking sec. 271(1)(c) and qua enhancement of ₹ 7,26,86,351/- u/s 92CA of the Act. The assessee s next appeals ITA 1638/Hyd/2010 and 1795/Hyd/2011 for AYs 2006-07 and 2007-08 dated 25.10.2010 and 2.92011; framed in furtherance to the Disput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s international transactions in these three assessment years 2005-06, 2006-07 and 2007-08 covered under the above MAP are to the extent of 94.7%, to 96% and 93% forming subject matter of the ALP in these assessment years. Coming to the remaining international transactions with associated enterprises in other jurisdictions i.e. Singapore etc., the Revenue fails to dispute that even the Transfer Pricing Officer has not drawn any distinction qua the ALP in all the substantive grounds raised herein. We thus hold that the MAP margin of 15.49%, 15.34% and 15.76% deserves to be applied qua the remaining portion of non-USA based international transactions as well. Consequently, the assessee s appeals ITA 992/H/11 raising substantive grounds no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disclose the correct figures. 6. We notice in this factual backdrop and from a perusal of para 10 page 28 of CIT(A) s lower appellate order in quantum proceedings that the corresponding mistake in omitting to adopt correct figures in assessee s form 3 CEB had been made at the TPO s end which stood admitted in his letter dated 7.2.2011 than involving any concealment of particulars or furnishing of inaccurate particulars of income at taxpayer s behest. This clinching fact has gone unrebutted from revenue side during the course of hearing. We thus accept assessee s instant penalty appeal ITA 1911/H/11 and direct the Assessing Officer to delete the impugned penalty. To sum up, assessee s appeal, ITA 992/H/11 for AY 2005-06 is partly accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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